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taxes were going to go up across the board. we did what we could do and the president wouldn't let us do more. but i also think that president obama sees a real percentage for him in getting republicans to cross the line of agreeing to a rate increase. and that's why i think he's pushing so hard on this. i think most economists would agree that there is often more advantages in capping deductions than in just going for the rates, but i think there's a real political advantage for democrats looking ahead to battle after battle that we'll face down the road in getting republicans to cross that red line. it's sort of a scout, you might say. >> thank you both very much. >>> the united states opposed today's u.n. vote on the palestinian observer state. senator bob menendez saying it could inflame passions throughout the region. welcome to you, senator. >> good to be with you. >> explain to me why you feel so strongly that the palestinians shouldn't have been granted today this nonmember observer state status. >> well, what we announ
taxes were going to go up across the board. we did what we could do and the president wouldn't let us do more. but i also think that president obama sees a real percentage for him in getting republicans to cross the line of agreeing to a rate increase. and that's why i think he's pushing so hard on this. i think most economists would agree that there is often more advantages in capping deductions than in just going for the rates, but i think there's a real political advantage for democrats...
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means everybody's taxes go up, but if the president has his way, taxes are going to go up on those very wealthy folks making over 200,000, but most are small businesses filing a subchapter s companies, about 88% of net small business income will be for these taxes when we're depending on them to create two-thirds of the new jobs. boehner's trying to mitigate that mess. i wish him luck. something's going to f to have to give. >> from everything i've heard is that we are realistically, there's two options for country. one, go over the cliff. the other, extend the bush tax cuts for the 98% of americans. everyone who makes under $200,000 a year if they're single. those seem to be the two choices. between those, which do you pick? >> but, if we do that and raise the taxes on those small businesses we were just talking about, according to the congressional budget office, that's going to be about 200,000 american families are going to be out of work next year and that's the low estimate. young is estimating about 700,000 more unemployed. that's a lot of hurt for the middle class, so this is a
means everybody's taxes go up, but if the president has his way, taxes are going to go up on those very wealthy folks making over 200,000, but most are small businesses filing a subchapter s companies, about 88% of net small business income will be for these taxes when we're depending on them to create two-thirds of the new jobs. boehner's trying to mitigate that mess. i wish him luck. something's going to f to have to give. >> from everything i've heard is that we are realistically,...
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see a tax hike. here's the thing. even the top 2%, even folks who make more than $250 on,000, they would still keep their tax cut on the first $250,000 of income. they would still be better off for them too for us to go ahead and get that done. families would have a sense of security going into the new year. companies like this one would know what to xwp in terms of planning for next year and the year after. that means people's jobs would be secure. the sooner congress gets this done, the sooner our economy will get a boost. it would then give us in washington more time to work together on that long-range plan to bring down deficits in a balanced way. tax reform, working on entitlements, and asking the wealthiest americans to pay a little bit more so we can keep investing in things like education and research that make us strong. those are the choices that we have. and understand, this was a central question in the election. maybe the central question in the election. you remember had. we talked abou
see a tax hike. here's the thing. even the top 2%, even folks who make more than $250 on,000, they would still keep their tax cut on the first $250,000 of income. they would still be better off for them too for us to go ahead and get that done. families would have a sense of security going into the new year. companies like this one would know what to xwp in terms of planning for next year and the year after. that means people's jobs would be secure. the sooner congress gets this done, the...
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you have to sort of address the tax rate. we cannot have a tax rate locked in where they starve the government so that the middle class has to sort of pay more of the share for the burden of government, and you know what, we end up cutting away those programs, those things that help grow opportunity for the middle class. the number one problem with our country right now is sort of the shrinking and burden on the middle class. if we want to sort of expand the middle class and grow the middle class, the last thing we can do is sort of put more of that burden on them as opposed to asking the wealthy people to pay their fair share, like what they paid in the clinton administration. >> okay, cornel, let me say this. >> mary, hold on. you are saying the president has not offered any specifics. he is offering some specific cuts in entitlement spending, medicare spending, saving about $400 billion. the republicans have their own ideas. why not let the republicans come out with their priorities, tell us what their ideas are, then you
you have to sort of address the tax rate. we cannot have a tax rate locked in where they starve the government so that the middle class has to sort of pay more of the share for the burden of government, and you know what, we end up cutting away those programs, those things that help grow opportunity for the middle class. the number one problem with our country right now is sort of the shrinking and burden on the middle class. if we want to sort of expand the middle class and grow the middle...
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how can you tax it? >> reporter: that's the huge piece that needs to be worked out by the washington state bureau of liquor that's going to run all of this just like they regulate liquor sales, they're going to regulate marijuana sales. they're going to license and tax the growing, the processing and retail sales for all marijuana all at 25% plus fees for every individual that goes into those various businesses. they project that in the first five years nearly $2 billion from this program alone. >> and then this is not the only state because during this federal election there were two states that ended up on positive end of legalizing recreational marijuana. the other one being colorado. why do we not see a party there today? >> reporter: because they haven't made it legal yet. the governor there has to act before january 5th and then they will make it at some point legal to possess pot there as well. and then they'll have to go through the same process of setting up the rules to figure this out. advocat
how can you tax it? >> reporter: that's the huge piece that needs to be worked out by the washington state bureau of liquor that's going to run all of this just like they regulate liquor sales, they're going to regulate marijuana sales. they're going to license and tax the growing, the processing and retail sales for all marijuana all at 25% plus fees for every individual that goes into those various businesses. they project that in the first five years nearly $2 billion from this program...
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no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. side by side so you get the same coverage, often for less. that's one smart board. what else does it do, reverse gravity? [ laughs ] [ laughs ] [ whooshing ] tell me about it. why am i not going anywhere? you don't believe hard enough. a smarter way to shop around. now that's progressive. call or click today. [ grunting ] >> breaking news our boston here. two trolleys that have collided. we're just getting information and details now. six people are injured. 20 are being evacuated for potential injuries. this is video of the scene here. this in the area of park and tremont. my old stomping grounds. went to college in the boston yar. the transportation authority saying that this took
no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. side by side so you get the same coverage, often for less. that's one smart board. what else...
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taxes going up. taxes going up on the affordable care act. billions of dollars of taxes and fees. what's the four-year view look like? what's the plan look like? so let's look at the numbers. how much do we get from deductions? how much do we get from expenditures? how much more do we need? how much does obama care add? what is our growth rate? you know, we don't have a plan. >> yeah. >> and we're throwing these dollar numbers around like if they were nothing. >> i spoke with james clyburn, representative clyburn last hour, about the notion of raising tax rates on the wealthy and not where the president wants them. he said i want it higher. take a listen and then talk about it. >> we know where the president is. and that is 250,000. but there are a lot of democrats who voiced back before the campaign 500,000. some say even a million. all of that's going to be negotiated. the president wants 250. if mr. boehner wants to come and offer something different, i'm sure he'll do that but the president stands at 250. which is below even where i was but he won the election. >> do you think
taxes going up. taxes going up on the affordable care act. billions of dollars of taxes and fees. what's the four-year view look like? what's the plan look like? so let's look at the numbers. how much do we get from deductions? how much do we get from expenditures? how much more do we need? how much does obama care add? what is our growth rate? you know, we don't have a plan. >> yeah. >> and we're throwing these dollar numbers around like if they were nothing. >> i spoke with...
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no tax increases at all. continue the tax break but the wealthiest 2% will have to help us deal with the deficit. >> as always, senator, you make your case very passionately. i want to play you a bit of sound from the white house senior adviser david plouffe in talking about how to resolve the fiscal cliff crisis. listen to this. >> we also need to engage in entitlement reform. medicare, medicaid carefully. these are cheap drivers of our deficit. we made progress with obama care. there's more we need to do. >> we need to engage and the white house is acknowledging this. do you not go along with the president? >> yes, sometimes i disagree with the president. >> yes, that is true. >> but if we are talking about making medicare more efficient, lowering the cost of prescription drugs to medicare, that's a reform along with their other reforms. >> how about this reform, raising the eligibility for medicare from 65 to 67 over several years? >> no. >> why not? >> why not? because there are working people out there w
no tax increases at all. continue the tax break but the wealthiest 2% will have to help us deal with the deficit. >> as always, senator, you make your case very passionately. i want to play you a bit of sound from the white house senior adviser david plouffe in talking about how to resolve the fiscal cliff crisis. listen to this. >> we also need to engage in entitlement reform. medicare, medicaid carefully. these are cheap drivers of our deficit. we made progress with obama care....
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they say, let's tax somebody else. if those taxes are going to small businesses creating jobs, we need to bet more people working. the other poll said people believe if they send more in taxes the government will spend it, much of it will be wasted and the dollar figures are so large it's hard to fathom the debt we have. it's $16 trillion. it's an incredible amount. we have added another trillion dollars in just the last year. we need to get spending under control. >> senator, you're talking about the importance to business tax rates. one guy who presumably knows something about business is the goldman sachs ceo. he met with president obama yesterday. then he went to talk with wolf blitzer who asked if he would support the president's plan of bringing the rates back up on the wealthiest americans. let's listen. >> if that's what it took to make the math work i wouldn't preclude that if the numbers drive that way. >> he says maybe a tax rate increase should be part of a deal. can't it be part of a deal? not the whole de
they say, let's tax somebody else. if those taxes are going to small businesses creating jobs, we need to bet more people working. the other poll said people believe if they send more in taxes the government will spend it, much of it will be wasted and the dollar figures are so large it's hard to fathom the debt we have. it's $16 trillion. it's an incredible amount. we have added another trillion dollars in just the last year. we need to get spending under control. >> senator, you're...
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should they raise the capital gains tax, and taxes on dividends, as well? or some combination of all of the above? right now they don't even seem to agree on the amount of money to be raised in revenue. let's listen to what senate majority leader harry reid had to say to explain the democrats' position on this. >> protect middle-class families from the fiscal cliff that they're facing by freezing the tax rates for the first $250,000 all americans' income and letting the rates go up to the same level they were during the clinton administration. republicans know where we stand. we've said it. we've said it. we've said it so many times, the president's said the same thing. >> and so republicans do know where democrats stand. this is certainly this idea of raising taxes on the wealthy is something that the president ran on in the last campaign. but republicans feel like there's been way too much focus on this whole tax side of things, and not nearly enough focus on spending cuts. which are also needed. let's listen to what house speaker john boehner had to say
should they raise the capital gains tax, and taxes on dividends, as well? or some combination of all of the above? right now they don't even seem to agree on the amount of money to be raised in revenue. let's listen to what senate majority leader harry reid had to say to explain the democrats' position on this. >> protect middle-class families from the fiscal cliff that they're facing by freezing the tax rates for the first $250,000 all americans' income and letting the rates go up to the...
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that is 98% of the american people, getting about 80% of this tax cut shouldn't have their taxes raised. so my suggestion -- it was delivered, by the way, in private and leaked and put in public. but that's fine. i mean, it's certainly what i said. my suggestion was let's take the one area that we agree and take it off the table. >> and -- but just to be clear, though, you actually think -- because this is when i saw your comment what i was so curious about, just from a negotiating standpoint. we had the super committee that failed, now we have the fiscal cliff, right? and if those sorts of deadlines aren't enough to get a deal, if you actually were -- were going to break with your own party or say go ahead, we'll extend them for the middle class, do you actually think that you would be able to negotiate a deal where they didn't go up on the top 2% at the beginning of the year? >> you might be able to negotiate that deal. again, i think a lot of people misunderstand, you know, what's happening with the 98%. number one, i don't think you ever ought to use the american people as, quote, l
that is 98% of the american people, getting about 80% of this tax cut shouldn't have their taxes raised. so my suggestion -- it was delivered, by the way, in private and leaked and put in public. but that's fine. i mean, it's certainly what i said. my suggestion was let's take the one area that we agree and take it off the table. >> and -- but just to be clear, though, you actually think -- because this is when i saw your comment what i was so curious about, just from a negotiating...
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and gift tax. they want to lock in the exemption this year, before it goes away. >> possibly, the worst thing for the housing market is if there's no compromise and we end up going off that fiscal cliff, and then there's a sharp cut in government spending. that could push the economy into a recession, raising the unemployment rate and that could push home values back down, wolf. >> a serious problem for a lot of people. let's hope we don't go over that fiscal cliff. >> fingers crossed they will reach a compromise. i don't think there's anyone out there that wants to see us go over that fiscal cliff. >> that would be bad. but the clock is ticking. only a few weeks left. >>> the biggest problem between the united states and mexico and how to solve it. i'll speak with mexico's new president. my exclusive interview is just ahead. this line is a convenienc. how you doing today? i'm good thanks. how are you? i'm good. [ gordon ] but for others, it's all they can afford. every day nearly nine million olde
and gift tax. they want to lock in the exemption this year, before it goes away. >> possibly, the worst thing for the housing market is if there's no compromise and we end up going off that fiscal cliff, and then there's a sharp cut in government spending. that could push the economy into a recession, raising the unemployment rate and that could push home values back down, wolf. >> a serious problem for a lot of people. let's hope we don't go over that fiscal cliff. >> fingers...
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democrats only want to raise taxes on the top 2% and extend the bush tax cuts for everyone else. what they might agree on, cutting deductions. the middle class' most cherished tax break could be in the crosshairs of the fiscal cliff negotiations. we're talking about the mortgage interest deduction. it's been around for 99 years, but it's costing the government $80 billion this year and will reach $100 billion by 2014 making it the third largest tax expenditure according to the congressional research service. who is it really helping in the most recent irs tax data show 41 million people claim this deduction on their 2010 taxes, but the tax policy center points out it tends to benefit upper middle class families the most. for those with annual incomes of less than $40,000 a year, the average tax savings is just 91 bucks. for the people earning $250,000 a year, the annual tax savings runs about $5,500, and critics say it's not really helping to boost homeownership. going to talk to one of them in a moment. the homeownership rate in the u.s. is now about 65%. it was up near 70% duri
democrats only want to raise taxes on the top 2% and extend the bush tax cuts for everyone else. what they might agree on, cutting deductions. the middle class' most cherished tax break could be in the crosshairs of the fiscal cliff negotiations. we're talking about the mortgage interest deduction. it's been around for 99 years, but it's costing the government $80 billion this year and will reach $100 billion by 2014 making it the third largest tax expenditure according to the congressional...
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what do these tax increases mean for families? there's been some confusion about which parts will be taxed at a higher level and certainly not all of it, right? can you clear that up? >> for example, suppose you made $69,000 a year. well, $59,000 would actually be taxed at 15%. so normal. but it's that extra 10,000 that would be taxed at 28%. so part of your income would be taxed at a higher rate. but let's not forget, even though it may just be part of your income, that's income that you don't have then to spend on other things. and so when we're talking about an any that's in a pretty fragile state as this one is right now, if people don't have as much money to spend, that's going to be hurtful. that's going to be hurtful to retail sales, to restaurants, to movie theaters, to everything that keeps this economy going. >> one thing that has also been discussed is taking away the mortgage interest deduction. certainly that's a big bonus of homeownership for a whole lot of folks. do you think it's a risky move considering how fragil
what do these tax increases mean for families? there's been some confusion about which parts will be taxed at a higher level and certainly not all of it, right? can you clear that up? >> for example, suppose you made $69,000 a year. well, $59,000 would actually be taxed at 15%. so normal. but it's that extra 10,000 that would be taxed at 28%. so part of your income would be taxed at a higher rate. but let's not forget, even though it may just be part of your income, that's income that you...
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tax rates. >> keeping them honest. president obama campaigned and won. so his victory throws cold water on that claim. democrats gained seats in the senate and on the house. more than two in three people support tax hikes for the wealthy. it is something that republicans will be grapling with from now until new year's day. >> thank you. >> your proposal that republican lawmakers should agree with democrats should extend tax cuts for those making $250,000 or less later that is an idea that a lot of republicans are reki resisting. what kind of push back are you getting? >> i think some have more questions about it. i don't believe in raising tax rates on anybody. by slowing down growth cuts revenue. i think the president need to come to the table with real entitlement reform. if we agree that taxes should pt go up on 98% of the people? shoundn't we set that aside now? i think we'll win the argument on the other areas. putting people at risk. is something that we shouldn't do. >> speaker boehner sa
tax rates. >> keeping them honest. president obama campaigned and won. so his victory throws cold water on that claim. democrats gained seats in the senate and on the house. more than two in three people support tax hikes for the wealthy. it is something that republicans will be grapling with from now until new year's day. >> thank you. >> your proposal that republican lawmakers should agree with democrats should extend tax cuts for those making $250,000 or less later that is...
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minimum tax. that's the only part of this whole mess that actually affects your 2012 taxes. it is a big problem, and it would hit like 30 million families who don't know it's coming, but most of this increase affects your 2013 taxes. so you wouldn't actually -- you would feel it in withholding, feel it in your paycheck, but they have time to fix this before you file your 2013 taxes to give you back some of that money. >> time to fix this, laurie montgomery, thank you. i want to start there with dana bash here in a moment. because the fiscal cliff debate is starting to sound like, you know, a high stakes game of chicken. there is all kinds of tough talk. no action. right now democrats and republicans are refusing to compromise on this key sticking point, how to get more money from wealthy people. president obama, you know the deal, he wants to raise tax rates for the wealthy. house speaker john boehner wants to close tax loopholes, limit deductions for the wealthy. let's stay on the hill here, let'
minimum tax. that's the only part of this whole mess that actually affects your 2012 taxes. it is a big problem, and it would hit like 30 million families who don't know it's coming, but most of this increase affects your 2013 taxes. so you wouldn't actually -- you would feel it in withholding, feel it in your paycheck, but they have time to fix this before you file your 2013 taxes to give you back some of that money. >> time to fix this, laurie montgomery, thank you. i want to start...
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those bush era tax cuts should not extend for them. republicans believing that all americans should benefit from those tax cuts, and that now you should put en titlements on the table. of as we see, the officials from the white house going up to capitol hill today, treasury secretary timothy geithner, to try to hammer out some deals. still, both sides far apart. >> well, i want to talk about that a little bit. there was an article on politico.com this morning that said the two sides are farther along with a deal than we know. and that all of this stuff that you're hearing out in the public view is just posturing. what are you hearing, dan? >> reporter: well, you know, we certainly -- i think everyone hopes so, that they are closer to a teal. what you're hearing is some people are optimistic, including the president, saying he's optimistic this can get done, even before christmas. but then you have others stepping up saying both sides are far apart, and very pessimistic this can get done. as i stated, there's still some very strong view
those bush era tax cuts should not extend for them. republicans believing that all americans should benefit from those tax cuts, and that now you should put en titlements on the table. of as we see, the officials from the white house going up to capitol hill today, treasury secretary timothy geithner, to try to hammer out some deals. still, both sides far apart. >> well, i want to talk about that a little bit. there was an article on politico.com this morning that said the two sides are...
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he wants higher tax rates on wealthy americans. the republicans try to put some pressure on the democrats by laying out $600 billion in health savings, medicare and the like, adjust that cost of living increase for social security and other federal programs. the president's proposal puts pressure on republicans on rates. the republican proposal puts pressure on the president on entitlements and that cost of living adjustment. the question now is, do they negotiate or just posture? >> that's a good question. are you at all surprised that they're both negotiating in public with specific details of their respective plans instead of just doing this quietly behind the scenes, let their representatives go about a serious negotiation? >> there are some staff members on capitol hill who are circulating what they think will be ultimately where they have to -- as we get closer to christmas, sit down and cut out a deal. ip not surprised the republicans came forward with a public counterproposal because they thought the president was winning i
he wants higher tax rates on wealthy americans. the republicans try to put some pressure on the democrats by laying out $600 billion in health savings, medicare and the like, adjust that cost of living increase for social security and other federal programs. the president's proposal puts pressure on republicans on rates. the republican proposal puts pressure on the president on entitlements and that cost of living adjustment. the question now is, do they negotiate or just posture? >>...
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republicans in congress to hold middle class tax cuts hostage simply because they don't want tax rates on upper income folks to go up. >> reporter: oftentimes this kind of public toing and froing masks active behind the scenes negotiations. the speaker insists not this time. >> is this the necessary public posturing that needs to go onto get an end game? or is there serious stalemate right now? >> no. there's a stalemate. let's not kid ourselves. i'm not trying to make this for difficult. >> reporter: boehner argues he took a political risk offering after the election to raise revenue other than tax rates. and the white house has offered little in return. >> the white house spends three weeks trying to develop a proposal. and they send one up here that calls for $1.6 trillion in new taxes, calls for a little -- not even $400 billion in cuts. and they want to have this extra spending that's actually greater than the amount they're willing to cut. i mean, it's -- was not a serious proposal. and so right now we're almost nowhere. >> reporter: gop sources tell cnn what irked them most wasn
republicans in congress to hold middle class tax cuts hostage simply because they don't want tax rates on upper income folks to go up. >> reporter: oftentimes this kind of public toing and froing masks active behind the scenes negotiations. the speaker insists not this time. >> is this the necessary public posturing that needs to go onto get an end game? or is there serious stalemate right now? >> no. there's a stalemate. let's not kid ourselves. i'm not trying to make this...
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whey too high on taxes. not nearly enough on spending reductions. >> the president has said all the way along, if i give you a dollar of revenue, if you guys give me a dollar of revenue, that's $3 trillion in spending cuts. he's coming in with 400, so would you try to get him to 3 trillion here or try to bring down the revenue number? >> well, i think you have to bring down the revenue number. we are not going to tax and spend our way back into economic prosperity in this country. we are going to have to work together. i think most americans are tired of seeing the partisanship and debates. i'm pleased the speaker's up at the white house to find a solution. most people want certainty, long-term predictability in the economy and raising taxes for this amount i think would put us back into a recession and be counterproductive to get our economy going on. >> john boehner clearly, he's the key negotiator. are you going to agree to whatever deal he brings you, if he says representative yoder, it's $1.4 trillion i
whey too high on taxes. not nearly enough on spending reductions. >> the president has said all the way along, if i give you a dollar of revenue, if you guys give me a dollar of revenue, that's $3 trillion in spending cuts. he's coming in with 400, so would you try to get him to 3 trillion here or try to bring down the revenue number? >> well, i think you have to bring down the revenue number. we are not going to tax and spend our way back into economic prosperity in this country....
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by the end of the year everything will be regulated and taxed very heavily here. 25% tax. proponents say they will raise a half billion dollars. $500 million a year from the sale of marijuana and marijuana products in washington state once this gets going. >> while many there are celebrating, colorado isn't ready to spark up just yet. voters cast votes to legalize marijuana as well but it won't officially be legal for another month. jim spelman is in denver, colorado. what's the holdup? >> reporter: the governor has to cross ts and dot is to make this official. like in washington state, there's uncertainty about what the federal government is going to do before we can really have fully implemented legalized marijuana here. take a look. on election day colorado voted to legalize marijuana and by early january the governor will make it official. but don't expect the streets of denver to look like this. smoking pot in public will remain illegal but behind closed doors the times are a changing. >> adults 21 and over can possess small amounts of marijuana and grow small amounts
by the end of the year everything will be regulated and taxed very heavily here. 25% tax. proponents say they will raise a half billion dollars. $500 million a year from the sale of marijuana and marijuana products in washington state once this gets going. >> while many there are celebrating, colorado isn't ready to spark up just yet. voters cast votes to legalize marijuana as well but it won't officially be legal for another month. jim spelman is in denver, colorado. what's the holdup?...
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we are talking about reforming the tax code, raisinging tax rates. that's the only thing i say that i absolutely will not do. 258 members of congress, republicans all, have taken the pledge. only six are waffling. we're standing strong on that point. >> do you think that's a pledge with grover norquist, with your constituents? there are others saying they have room around the pledge. >> well, that's a great question you just asked me. is that a pledge to my constituents. absolutely. in 2002 -- and i was running in a tough primary and those folks back in marietta, georgia, said, phil, are you going to take the grover norquist, americans for tax reform pledge. i said, yes, i will take it. many would have voted for my opponent. that plenl, i honor that. it's a pledge to my constituents. absolutely. >> all right. you say your constituents don't want you to raise taxes on the rich. let me show you what an abc/washington post poll shows. 60% would support raising taxes on incomes over $250,000 per year. you wouldn't do that? >> i understand that their perc
we are talking about reforming the tax code, raisinging tax rates. that's the only thing i say that i absolutely will not do. 258 members of congress, republicans all, have taken the pledge. only six are waffling. we're standing strong on that point. >> do you think that's a pledge with grover norquist, with your constituents? there are others saying they have room around the pledge. >> well, that's a great question you just asked me. is that a pledge to my constituents. absolutely....
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Nov 29, 2012
11/12
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or taxes might be taxed. and there is a principle involved. is there a principle or bloody minded news. we shall not pay anymore taxes ever. >> at some point there is just too much tax. we are a long way from that. let's look at earned income tax. they are lower now. all president obama is doing is saying let's go from 35% to 39.6% the same as it was under president clinton the economy did very well and it is more than just a drop in the bucket. just raising rates on people making over $250,000 would be a trillion dollar over the next ten years. >> $1 trillion is not to be sniffed at. some broke with the leadership and urged his party to extend the tax cuts to ensure that their taxes don't go up. he has a point there. who cares. >> sure, there is a point in there, i might dispute the numbers. i would argue, as the members of my party, that we have a spending problem as opposed to a revenue problem to my friend steve's remark about the clinton tax rates that sounds great to go back to 39%. but, actually, those
or taxes might be taxed. and there is a principle involved. is there a principle or bloody minded news. we shall not pay anymore taxes ever. >> at some point there is just too much tax. we are a long way from that. let's look at earned income tax. they are lower now. all president obama is doing is saying let's go from 35% to 39.6% the same as it was under president clinton the economy did very well and it is more than just a drop in the bucket. just raising rates on people making over...
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Dec 3, 2012
12/12
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>> grover norquist, president of americans for tax reform, author of the no-tax-hike pledge, but some people ar -- wants everybody to hold the line, but some people are weakening. i things starting to soften up there? >> tom cole, republican from oklahoma, a very astute politician, was it very honestly and openly a politician before he got elected to congress, and said that we ought to take the deal and cut taxes on 98% of people, basically rid ourselves of the fact that most people other than charles c., that the republicans have become the party of billionaires' and millionaires in this debate. that is what happened in the election of 2012. that really is a continuing problem for republicans. that is what you are seeing to it is not just anti-grover norquist movement. it is a realization that they have a political problem. >> a lot of positive signs for a deal. one is that grover norquist, who is kind of a ridiculous figure, it has been exposed as that and people are walking away. businessmen are in town saying we want predictability, and that is a good sign. but the indication from
>> grover norquist, president of americans for tax reform, author of the no-tax-hike pledge, but some people ar -- wants everybody to hold the line, but some people are weakening. i things starting to soften up there? >> tom cole, republican from oklahoma, a very astute politician, was it very honestly and openly a politician before he got elected to congress, and said that we ought to take the deal and cut taxes on 98% of people, basically rid ourselves of the fact that most people...
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lou: $6 billion in taxes? >> spending reductions and tax increases. the economy can't handle that. without a doubt, head into recession if we're over the cliff. lou: now, are you in agreement? >> i am, carl's absolely right, nevertheless, the markets have effectively been yawning. equity markets, go higher, corporate credit market improves, commodit prices rising, and the ten-year treasury yield is dipping to new lows. i can't figure this out. everybody seems to -- lou: i know -- >> they are in a mood, and that worries me. somebody has to be wrong, and big time. >> yawning until they don't. that's the concern. lou: i know this would be stunning and alarming to economists who would never contemplate themselves being wrong on this, but is this some possibility that everyone is wrong about this? that these are actually men and women of good wl in th parties who are beginning to come together in one great warm embrace sometime before christmas day and give the nation such a great boost of spirit of od will and reach agreement here? >> i don't know if we're going to see that sense of br
lou: $6 billion in taxes? >> spending reductions and tax increases. the economy can't handle that. without a doubt, head into recession if we're over the cliff. lou: now, are you in agreement? >> i am, carl's absolely right, nevertheless, the markets have effectively been yawning. equity markets, go higher, corporate credit market improves, commodit prices rising, and the ten-year treasury yield is dipping to new lows. i can't figure this out. everybody seems to -- lou: i know --...
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Dec 4, 2012
12/12
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taxes and spending. what is an agreement that both sides can say yes, we each gave a little? >> the republicans must agree to higher tax rates on well off americans. all the way to the 39.6 that the president, they have to. that's the ticket for admission because the president won the election and campaigned on that. the democrats are going to have to agree. they'll use uf -- and that means health care for seniors and poor people and special needs kids. that is not an easy thing to ask anybody to do, let alone the democratic party. which really created these programs. this is going to be awful and gruesome, but 70 for 60 in your poll, 60% of americans want to raise taxes on well off americans. 70% don't want to cut or 80, don't want to cut medicare or medicaid, so the hard stuff is coming. this is the easy stuff. >> we're out of time, guys. nice to talk to you. i appreciate it. >>> next, violent clashes along the turkey, syria border and a new heir to the british throne is on the way. our piers morgan wi
taxes and spending. what is an agreement that both sides can say yes, we each gave a little? >> the republicans must agree to higher tax rates on well off americans. all the way to the 39.6 that the president, they have to. that's the ticket for admission because the president won the election and campaigned on that. the democrats are going to have to agree. they'll use uf -- and that means health care for seniors and poor people and special needs kids. that is not an easy thing to ask...
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Nov 30, 2012
11/12
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the social security payroll tax. there is a tax increase in january. unless someone steps up and says wait a second, we are getting everyone else a tax break and let social security tax go up 2%. >> bret: winners and losers? >> bill kristol is turning in to a socialist. [ laughter ] >> family tradition. way back. >> secretary of the treasury sitting right over there. workers, champion. the winner mahmoud abbas locally because he outshone hamas on this even though the victory he won in the u.n. was pyraquan. loser speaker of the house john boehner. he offered the president a peace pipe and got in return a demand that he turned over his sword, his shirt and at the end his trousers. that is a rather embarrassing position for the speaker. >> bret: he will be asked about it on "fox news sunday" with chris wallace. that is it for the panel. but stay tuned to see one thing congress did accomplish today. victor! victor! i got your campbell's chunky soup. mom? who's mom? i'm the giants mascot. the giants don't have a mascot! ohhh! eat up! new jammin jerk chicke
the social security payroll tax. there is a tax increase in january. unless someone steps up and says wait a second, we are getting everyone else a tax break and let social security tax go up 2%. >> bret: winners and losers? >> bill kristol is turning in to a socialist. [ laughter ] >> family tradition. way back. >> secretary of the treasury sitting right over there. workers, champion. the winner mahmoud abbas locally because he outshone hamas on this even though the...
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Nov 29, 2012
11/12
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liz: who pays zero income tax? who got away with paying zero income tax? i like to know how you do that. >> 1500 millionaire families paid no federal income tax in 2009. and if you can't figure out a way to capture their fair share, then how else are you going to fix the problems in our tax code? if you can't do this --. liz: i'll tell you. you close all the loopholes. you make one rate or three rates for everyone. make it very simple. so that is, that is a loophole problem. that is not a marginal rate problem. that is not a go attack wealthy people problem and discourage entrepreneurship and discourage people from trying to make money and get ahead and be successful. >> yeah. liz: when you have somebody like warren buffett out there doing this, it is about attacking wealthy people. i just don't think that is what america is about. >> warren buffett himself, among the wealthiest there is so i don't think you can accuse him of class warfare. it is not just about loopholes, melissa. liz: i think i absolutely can. he is mouthpiece for the white house. he come
liz: who pays zero income tax? who got away with paying zero income tax? i like to know how you do that. >> 1500 millionaire families paid no federal income tax in 2009. and if you can't figure out a way to capture their fair share, then how else are you going to fix the problems in our tax code? if you can't do this --. liz: i'll tell you. you close all the loopholes. you make one rate or three rates for everyone. make it very simple. so that is, that is a loophole problem. that is not a...
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Dec 1, 2012
12/12
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if taxes only mean the tax, the income tax portion of tax burden for four fifths of the country, you're talking about something that doesn't matter that much. and in a democracy, you cannot be a successful party if you talk about things that don't matter that much to four fifths of the country. >> all right, your paycheck, your investment, your home, they may all be taxed a bit differently next year. that's if law makers can decide on a plan to avoid the fiscal cliff. so coming up next, i'm going to talk about a deduction that america loves, you probably love, but might be taken away. [ male announcer ] this is bob, a regular guy with an irregular heartbeat. the usual, bob? not today. [ male announcer ] bob has afib: atrial fibrillation not caused by a heart valve problem, a condition that puts him at greater risk for a stroke. [ gps ] turn left. i don't think so. [ male announcer ] for years, bob took warfarin, and made a monthly trip to the clinic to get his blood tested. but not anymore. bob's doctor recommended a different option: once-a-day xarelto®. xarelto® is the first and onl
if taxes only mean the tax, the income tax portion of tax burden for four fifths of the country, you're talking about something that doesn't matter that much. and in a democracy, you cannot be a successful party if you talk about things that don't matter that much to four fifths of the country. >> all right, your paycheck, your investment, your home, they may all be taxed a bit differently next year. that's if law makers can decide on a plan to avoid the fiscal cliff. so coming up next,...
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Nov 29, 2012
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we cannot tax our way back to budget surpluses and economic prosperity. without major spending cuts and entitlement reform, we will continue running huge deficits regardless of what we do on the revenue side. for every dollar of revenue you give him, he'll give you $2.50 of spending cuts. if he gave you that on spending cuts, it would be $850 billon a year would you do that? >> the president has said a lot of things, but what counts is what he's willing to put on the table and so far, he hasn't put medicare and social security, saving and preserving those entitlement programs on the table. i believe they have to be, because if we're going to preserve those for future generations, we need to do something meaningful on those. the problem is, erin, if we just do cuts in temporary spending, those can easily be undone. we know there's been a lot of promises made in exchange for tax increases and it never comes to pass when it comes to spending cuts. >> there was a "washington post" poll which said raise taxes on incomes over $250,000 a year, 60% support it. wh
we cannot tax our way back to budget surpluses and economic prosperity. without major spending cuts and entitlement reform, we will continue running huge deficits regardless of what we do on the revenue side. for every dollar of revenue you give him, he'll give you $2.50 of spending cuts. if he gave you that on spending cuts, it would be $850 billon a year would you do that? >> the president has said a lot of things, but what counts is what he's willing to put on the table and so far, he...
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Nov 30, 2012
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no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. >>> well, move over cheetos, the new snack for the vending machine, ckavycavier, and you probably guessed it will take a little more than 75 cents to get this treat. prices range from $12, okay, possibly reasonable, to $500, a little less so. >>> well, bankruptcy judge has officially given hostess the go ahead to pay out bonuses to its senior executive. the company is liquidating almost 20,000 people losing their jobs. the executives are getting bonuses. how does that -- i'm not good at math, but how does that work? >> it doesn't quite seem fair, does it? but that's exactly what one new york court has sort of ruled on and the bonuses range from about $7,500 to $130,000 and it's only
no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. >>> well, move over cheetos, the new snack for the vending machine, ckavycavier,...
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Nov 29, 2012
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to give a balanced plan, republicans have to cut taxes. >> he said i put revenue on the table. but he wouldn't talk about the rates. >> also when asked about these specific entitlement reforms, he didn't talk about those either. we need to see some substance behind that. >> did you hear level ground where that can be forged? i don't know the difference between talking about stuff and putting it on the table. it seems like senator cornyn sees some difference there. i don't really get it. the hole is not as big as he says it is. we're not going into the hole with a trillion dollar deficit every year, because we're going to grow every year and collect more revenue. and we also see some of these stimulus programs narrowing down a little bit so the hole's not that big and there seems to be more common ground that the senator admits. >> we hope you're right. >> in previous negotiations, it's been put forward but everyone's got to push forward. >> it's easy to race taxes on one group, at of people agree with that, but the bottom line is those entitlement cuts are going to be a lot mor
to give a balanced plan, republicans have to cut taxes. >> he said i put revenue on the table. but he wouldn't talk about the rates. >> also when asked about these specific entitlement reforms, he didn't talk about those either. we need to see some substance behind that. >> did you hear level ground where that can be forged? i don't know the difference between talking about stuff and putting it on the table. it seems like senator cornyn sees some difference there. i don't...
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Dec 7, 2012
12/12
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instead of reforming the tax code, cutting spending, the president wants to raise tax rates. even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion dollar deficits for as far as the eye can see. washington has a spending problem. not a receive knew problem. the president doesn't agree with our proposal, i believe that he's got an obligation to families and small businesses to offer a plan of his own. a plan that can pass both chambers of the congress. we are ready and eager to talk to the president about such a plan. >> mr. speaker, you did speak with the president earlier this week. can you characterize that call? did he have any kind of counteroffer? also, we understand that he just is making clear that it is -- got to be increase in rates for the wealthy or no deal. are you willing to give a little bit, maybe just not all the way to 39.6? >> it was the -- the phone call was pleasant. but it was just more of the same. the conversations -- the staff had yesterday just more of the same. it is time for the -- president, if
instead of reforming the tax code, cutting spending, the president wants to raise tax rates. even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion dollar deficits for as far as the eye can see. washington has a spending problem. not a receive knew problem. the president doesn't agree with our proposal, i believe that he's got an obligation to families and small businesses to offer a plan of his own. a plan that can pass both chambers of...
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Nov 29, 2012
11/12
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FBC
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why don't you be responsible and raise taxes, put your finger prints on a tax increase to pay for our bigger government. republicans said no. harry reid has had a hissy fit for four years now, i'm happy the republicans would not raise taxes to pay for is bigger government. the problem is the american people don't want their taxes raised. lou: what i asked was how you feel? >> i am pleased as punch. harry reid, at haing a hissy fit at me, he's really mad at the ameican people for not wanting to raise axes. he personalizes it with me. lou: what about those folks like senator john mccain, senator lindsay gramm, senator chambliss the list goes on. i mea -- >> it doesn'go on. it does not go on. here's theood news. all the people who last week and said we might raise taxes under certain circumstaes with the same people who said that two years ago. and everyews dia outlet in the country has said the last week, would you like to be famous? would you like to be called important and influential? come to our tv station and announced u areefor tax increases and we will tell everyone you are impor
why don't you be responsible and raise taxes, put your finger prints on a tax increase to pay for our bigger government. republicans said no. harry reid has had a hissy fit for four years now, i'm happy the republicans would not raise taxes to pay for is bigger government. the problem is the american people don't want their taxes raised. lou: what i asked was how you feel? >> i am pleased as punch. harry reid, at haing a hissy fit at me, he's really mad at the ameican people for not...
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Dec 4, 2012
12/12
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too many tax increases. now the republicans have sent over a deal and still no meeting of the minds. you guessed it, not enough tax increases. here we go again. the deal does offer up $600 billion in save frtion medicare reform and other spending cuts and it also suggests raising $800 billion in revenue through tax reform instead of increases, but it just will not budge on raising those taxes on the wealthiest 2% of americans. and that is why democrats aren't budging. >> we're glad to finally see republicans joining in the negotiating process instead of watching from the sidelines, but while their proposal may be serious, it's also a nonstarter. they know any agreement that raises taxes on the middle class to protect unnecessary giveaways to the top 2% is doomed from the start. it won't pass. democrats won't agree to it, president obama wouldn't sign such a bill, and the american people won't support it. >> so let's bring in dan lothian because he's at the white house where the president is just about now me
too many tax increases. now the republicans have sent over a deal and still no meeting of the minds. you guessed it, not enough tax increases. here we go again. the deal does offer up $600 billion in save frtion medicare reform and other spending cuts and it also suggests raising $800 billion in revenue through tax reform instead of increases, but it just will not budge on raising those taxes on the wealthiest 2% of americans. and that is why democrats aren't budging. >> we're glad to...
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Dec 5, 2012
12/12
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on top of that, there's a 5% tax on the portion of very large tax estates. the tax policy tenners estimates the number will jump from 2600 in 2012 to 53,000 in 2013. that's a huge increase from where we stand right now. as you know, some people call this double taxation, because people pay income tax on their earnings, they save it, and then the money gets taxed when they pass it on to their decendents. >> a lot of farmers are respecially concerned about this. let's say you leave land to your children or grandchildren. and to pay the estate tax, you have to sell it, basically, because you don't have that kind of money. >> this is a philosophical difference on the sides. congress does nothing. and those estate taxes revert to the levels they were before george w. bush was in office. those taxes were lowered to help us get through a couple recessions. this is unfair. people should be entitled to pass along their hard earned money. the concentration of wealth needs to be kept in check. it doesn't create dynastys. that was one of the earliest goals of this tax.
on top of that, there's a 5% tax on the portion of very large tax estates. the tax policy tenners estimates the number will jump from 2600 in 2012 to 53,000 in 2013. that's a huge increase from where we stand right now. as you know, some people call this double taxation, because people pay income tax on their earnings, they save it, and then the money gets taxed when they pass it on to their decendents. >> a lot of farmers are respecially concerned about this. let's say you leave land to...